Vitrolife Solutions for life-critical situations

Transcription

1 Vitrolife Solutions for life-critical situations Magnus Nilsson, President & CEO Annual General Meeting April 26, 2010

2 Our Vision Vitrolife strives to be leading in clinical medium and advanced disposables for fertility, cell and tissue therapy. 2

3 Vitrolife Summary 2009 in figures Sales 275 SEKm, +22% Gross margin 70% EBIT 30 SEKm, +12% Cash flow from op act 42 SEKm Equity/asset ratio 87% Earnings per share 1.75 SEK Proposed dividend 0.50 SEK/share 3

4 Vitrolife Share price increased by 52% 000 Shares Vitrolife OMXSPI OMX Biotech Number of shares traded Source: SIX/Hallvarsson & Halvarsson 3

5 Vitrolife Shareholders Shareholders No of Shares Shares and votes, % Bure Equity AB Lannebo Micro Cap Eccenovo AB Länsförsäkringar fondförvaltning AB Awake Swedish Equity Fund UBS AG LND IPB Segregated Client SEB Läkemedelsfond m.m.* Försäkringsaktiebolag et, Avanza Pension JP Morgan Bank Magnus Nilsson Övriga aktieägare Summa Source: VPCs share register as per December 31, * Merging 2 funds. 3

6 Vitrolifes platform for growth Maturity Fertility Transplantation Stem cells Time 6

7 Main strategies Build a complete product portfolio of premium products for IVF treatments World leading and cost effective GMP production and quality control World wide market and customer support organisation on all (15) key markets covering 80% of all treatments 7

8 An overall perspective of Fertility Approx 30 products included in a full treatment Treatment cost per cycle ~35,000 SEK, of which 1,700-3,000 SEK advanced disposables 8

9 Fertility A complete range of premium products 9

10 Fertility World leading GMP production and Quality control Automated filling machine Quality control lab 10

11 Fertility On route to reach the global market Sweden China United Kingdom France Japan USA Italy Australia 11

12 Fertility Vitrolife regions and the Global market situation Europe 53% America SGM 14% MGR?% 16% SGM 41% MGR 5% 12% 15% Asia SGM 30% MGR 13% Share of Vitrolife sales SGM Share of Global market Emerging markets SGM 10% MGR 8% Pacific SGM 5% 4% MGR Markets Growth rate MGR 6% Global market size is approx 1,2 million cycles per year 12

13 Sales Development Fertility Sales development, 12 month rolling in MSEK Sales 2009: +22%, 233 MSEK 13

14 Fertility - Goals 2010 Continued execution of main strategy: Broaden product portfolio through R&D and/or acquisition Establish and further develop direct sales and market support organisation on all key markets covering 80% of all treatments 14

15 Transplantation overall perspective 15

16 Leader of innovation Perfadex today 95% of world market for cold preservation of lungs Pioneering new warm perfusion system (ex vivo) Clinical study in Canada with STEEN Solution finished More than 40 patients now transplanted with STEEN Solution method Development of perfusion systems for other organs 16

17 STEEN Solution - method Solution with STEEN Solution XVIVO Lungchamber 17

18 Market Potential Costs for products per Perfadex** STEEN Solution *** incl disposables Transplantation (SEK) ~ 10,000 > 80,000 Potential number of lung transplantations ~ 3,000 > 20,000 Total market potential*, lungs only (SEK million) ~ 40 > 1,600 * Including research market ** Approved in USA 2001 achieved >90% market share in USA 2008 ***Approved in Europe 2006, and in Australia The method is also being developed for other organs, e.g. liver. 18

19 Sales development - Transplantation Sales development, 12 month rolling in MSEK Sales 2009: +31%, 40 MSEK 19

20 Transplantation - Goals 2010 Support launch of STEEN Solution for lungs in more centres in Europe Submit applications for market approvals (lungs) in USA and Canada Prepare for market introduction of STEEN Solution in USA and Canada Pre-clinical development of STEEN Solution for ex-vivo perfusion in more organs 20

21 Stem Cell therapy Expansion medium & growth factors Transport cells to the patient Transport medium Freeze cells in order to coordinate transplantation Freezing medium 21

22 Stem Cell cultivation Media products for human stem cells and cryo preservation of stem cells New external collaboration, eg. Cellartis AB and Regea VINNOVA grant 3.6 SEK million Expanded Research and business development organization 22

23 Stem cells - Goals 2010 Continue the development of new stem cells media Increase co operations with external partners 23

24 Financials 24

25 Consolidated income Q4 Whole year SEK million Net sales Gross income Gross Profit, % 70% 70% 70% 69% Selling expenses Administrative expenses Research and development costs Other operating rev /exp EBIT EBITDA Income after financial items Taxes Net income

26 Other Keys Ratios Q4 Whole Year Gross margin, % Oper. margin, % Oper. margin Adj, % * Oper. margin before R&D costs, % Net margin, % Equity/assets ratio, % Shareholders equity per share, SEK ROE, % ROCE, % EBITDA, % EBITDA Adj, % * Net equity Earnings per share *Adjusted for one time expense for the bid of MediCult and Move 26

27 Cash flow Q4 Whole year SEK million Income after financial items Adjustment for items not affecting cash flow Change in inventories Change in trade receivables Change in trade payables Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow for the period Liquid funds at beginning of period Exchange rate difference in liquid funds Liquid funds at end of period

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